An artificial intelligence (AI) startup backed by Elon Musk X.AI Corp. informed the Securities and Exchange Commission (SEC) in a Form D filing that it intends to raise $1 billion in equity offerings. The filing to the SEC notifies that would-be investors in X.AI Corp must commit at least $2 million where nearly $134.78 million stock is sold.
Musk-Backed X.AI Caps Minimum Investment at $2 Million
The AI startup filed Form D a month following the Grok AI chatbot unveiling on Twitter. The notice detailing the exempt securities’ offerings within the technology sector caps the minimum investment in the startup at $2 million.
The Tuesday, December 5 notice revealed that investors had acquired equity worth $134.679 million in the inaugural sale executed on November 29.
The Form D filing captures Tesla Inc. chief executive Elon Musk alongside Jared Birchall, who serves as the X.AI corporate secretary.
The filing was noncommittal on the revenue range of the new entity. Nonetheless, it illustrates sales brokerage in Texas and California.
The Form D filing by the AI startup affirms Musk as a tech titan representing the AI-crypto intersection. The intersection is unsurprising, considering that AI has recently eclipsed crypto growth as investors embraced the innovation since the Microsoft-backed OpenAI released ChatGPT in 2022.
Musk’s Cryptocurrency and AI Intersection
Musk has recently unequivocally ruled out the probability of issuing Twitter-affiliated digital assets. Such contrasts his religious affection and crusading for cryptocurrency, particularly the Dogecoin memecoin.
Musk’s remarks regarding Dogecoin memecoin often trigger notable movements in the market. Such development led to the class-action lawsuit alleging market price manipulation from his Dogecoin Tweets.
Musk has portrayed his enthusiasm for Dogecoin in a series of tweets. He labelled Dogecoin his favourite cryptocurrency in April 2019. His tweets mentioning the ninth-largest crypto by market capitalization of $13.8 billion as per CoinMarketCap is well-documented.
The lawsuit, whose plaintiffs initially sought damages estimated at $258 billion, alleged Musk deliberately orchestrated carnival barking and insider trading besides market manipulation. The charges against him in June 2022 accuse Musk of leveraging the Dogecoin tweets to orchestrate the insider trading scheme that ultimately pumped up the memecoin’s value.
Musk’s presence in AI and cryptocurrency has become a keenly followed figure whose utterances and actions trigger the market reaction. Such is evident in the Grok debut, prompting the unaffiliated and unofficial release of the GROK token.
The GROK token investors would witness huge gains before the unfortunate crash. The development led to the revelations of an alleged launch by a scammer.
Nonetheless, it affirmed Musk, a key figure among the crypto fanatics that appears to replicate in the AI realm. The Tesla Inc co-founder is undoubtedly garnering similar influence in the explosive growth of the artificial intelligence ecosystem.
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